Is it possible to find affordable housing in Miami

Judging by Florida’s standards, Miami has never been home to incredibly cheap real estate. But, over the years, these prices skyrocketed. This makes it difficult for the majority of newcomers to find their dream homes and settle in right away. Some of the most expensive real estates in the Sunshine State is in Magic City. In fact, a lot of people give up on Miami as soon as they see the average prices. But, thorough research can take you a long way. So, if you’re looking to move to the most popular city in Florida soon, don’t give up just yet. Our team at Pro Movers Miami is here to show you if it’s possible to find affordable housing in Miami, so stay tuned.

Miami’s real estate market 101

Before we scratch beneath the surface in pursuit of affordable houses, let’s talk about Miami’s real estate market in general. As mentioned in the introduction, the city is home to some of the most expensive real estate in Florida. Why is this happening? In short, the prices are high because of how popular Miami is. Its location is exceptional, and demand is very high. This especially goes for the period after the outbreak of COVID-19. Movers Miami have had their hands full during this time, since hundreds of people from expensive cities all over the United States, most notably New York City, are moving to Miami on a daily basis.

This resulted in an even bigger spike in interest, and prices that were already on a rise before 2020, continued to follow that trend in the years after. Miami is already out of reach for some people, and to some others, it’s doable but yet, very hard to afford. It would make it easier if you were already hired for a well-paid position somewhere in Magic City. Anyway, as we said, the demand is very high. So, if you’re looking to relocate soon and wish to hire residential movers Miami to help you out, make sure to do it on time (ideally one month in advance) since these professionals have been very busy lately.

The average home prices in Magic City

Houses in Miami are not cheap by any means. However, it’s not fair to only talk about Miami as if it’s such a huge exception compared to the rest of Florida. The Sunshine State, as well as Miami as the prime example here, has a real estate market that’s becoming more expensive on a monthly basis. A month ago, the median home price in Florida surpassed the $400,000 mark. So, if you’re looking for a cheap real estate market anywhere in Florida in general, you’re going to struggle to find it. Now, when it comes to Miami, the median home price in the city is $527,000. At the same time it’s significantly higher than the Florida average, but also, considering everything that this city offers, it’s actually a reasonable gap.

What about rent?

Rental prices in Miami are obviously following the trends of the real estate market as a whole. How much you’ll pay will largely end up on the size of the unit you choose, as well as the neighborhood. For now, we’ll present you with the average rental prices for apartments in the City of Miami in 2022, sorted by the size of the unit to give you a better perspective.

• Studio apartment – $2,000
• One-bedroom apartment – $2,700
• Two-bedroom apartment – $3,500
• Three-bedroom apartment – $4,100
• Four-bedroom apartment – $6,000

So, as you can see, if you don’t mind living in a smaller unit, it is very much possible to find affordable housing in Miami. Bear in mind that even these studio and one-bedroom apartment prices are the average ones. That means that you’ll be able to find some units of the same size for way less than $2,000.

The best way to find affordable housing in Miami is by looking at some non-expensive neighborhoods

Although it may sound obvious, this really is your best bet. If you really want to find affordable real estate, cheap neighborhoods offer you the best chance for this. You could always encounter an oddly underpriced apartment somewhere Downtown, or similar top locations, but chances for this are slim. Once you settle in Magic City, it will be easier to move to a better apartment with local movers Miami, rather than doing it from afar.

Now, we’ll mention a few neighborhoods where you can easily find homes for less than $450,000. Who knows, you might even encounter some price that’s lower than $400,000, which would be a bargain deal considering that $400,000 is even less than the median home price in Florida. So, here are the affordable neighborhoods in Magic City:

• Riverview
• Edgewater
• Miami Urban Acres
• Pinewood Park
• Hialeah Acres
• West Little River
• Riverside
• Golden Pines
• Liberty City
• Gladeview

And, if you manage to find a home in one of these neighborhoods that you can easily afford, you won’t need to worry about the cost of your relocation. So, there won’t be any obstacles for you to get in touch with movers who are offering white glove moving service and have the relocation of your dreams.

Is it possible to find affordable housing in Miami? When you know where to look, it definitely is!

Tracking down affordable real estate in a city as expensive as Miami is certainly not easy. However, it’s doable. The most important thing for you is to sit down and make a plan. Write down the list of neighborhoods you see yourself living in, and the ones that you don’t want to live in. Then, set up your price range, along with the minimum size of the apartment/house you’d consider. Once you do this, it will be much easier to decide whether you’re ready to give Magic City a chance. Since it’s very much possible to find affordable housing in Miami, we’re sure that you’ll go through the decision and move to Florida’s gem. We wish you the best of luck!